LivaNova, which specializes in neuromodulation, cardiac surgery and rhythm management, will acquire Caisson Interventional, a Minnesota-based heart valve maker, for $72 million.
An investor in Caisson since 2012, LivaNova agreed to pay up to $72 million for remaining outstanding interests in the Maple Grove, Minnesota, devicemaker, according to a statement. Caisson is developing a transcatheter mitral valve replacement (TMVR) that uses a transvenous delivery system.
TMVR is used to treat mitral regurgitation, the leaking of blood through the mitral valve each time the left ventricle contracts. Some blood flows through the ventricle and the aortic valve, but some may flow back into the atrium, where it may increase blood volume and pressure, according to the American Heart Association. While mitral valves may be repaired, replacement is appropriate when the tissue is too damaged.
Caisson’s investigational TMVR is delivered through the heart’s septum and can be retrieved or repositioned before it is released, the company said. The device is currently in clinical trials through the FDA’s Early Feasibility Study program.
“We created this percutaneous mitral valve replacement implant, procedure and delivery system to offer a significant new therapy to patients with severe mitral regurgitation,” said Caisson Chief Operating Officer Todd Mortier in the statement.
“[The Caisson] team will now be the cornerstone for our planned entry into the TMVR space, which has the potential to be an important growth platform for us in the future,” said LivaNova CEO Damien McDonald in the statement. “We intend to invest in the clinical studies, regulatory approvals, product enhancements and other steps needed to launch this mitral valve replacement system commercially. We expect it will become a strategic complement to our heart valve portfolio for heart team physicians, allowing us to offer patients the most advanced, minimally invasive mitral valve replacement option.”
LivaNova forked over $18 million when the deal closed and will pay up the remainder—not including $6 million in debt forgiveness—as Caisson meets regulatory and sales milestones.